The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1887-07-04


without Lock wood in the van the
party in New York would be disheart-
ened and cad. OF course Dan has been
recognized" for his services2'
Oh yes, he was appointed about a
year ago to the position OF United
State, District Attorney for the North
err District OF New York. II he
works hard and Is economical Ia his
expenses, he can perhaps make $1,000
or $500 year out OF this Office. He
has never been seen in Wa hineton
since the inauguration proceedings in
1885.
The party in the Hoffman House
had been discussing politics, and the
opinion had been freely expressed
that Cleveland was anxious for re-.
nomination. / asked Lockwood il be
would again play the roll Of 'Lomins-
tor"
His reply was terse and empba
He said simply: "Young man, l am
not In that business, at present." 1t
was the way he said II that carried the
force OF the words right home. His tone
sur, ristd everyone present and for
moment no enc spoke. Then one OF
bis best friends rang the bell for
cigars, or something OF that kind, aud
another reached over In my direction
and whispered: "Mr. lockwood be-
lieves that the President gave him his
present appointment because he knew
that Dan would not disobey his order,
and would not mix In national poll
tics while holding q Federal Office"
THE KrFKcrs OF TIE SATURDAY HALF
| HOLIDAY.
A gentleman engaged In the bank.
Ing business In New York State was
asked what was the general opinion
OF his copfrtres upon the Saturday half
holiday law, which has Just gore into
effect In New York. He replied:
THE opinion, ss far as l can judge,
Is unanimous In condemnation OF the
act. 1t Ia the biggest fraud ever per-
pelrated upon the American people,
from financial standpoint"
"How do you make that oui2'
"Ths law was made osteDsibly
In behalf OF the laboring peo-
pie. Nov what is the RESULT There
IL not q farmer In the State who gives
bis help half holiday on Saturday,
simply because his work can not be
neglected In order that the law may
be obeyed. Then, too, manufacturer
who close mp at noon on Saturday dc
not pay their mployes for the losI
half day. II laborers fail to work they
lose Just 30 much"
"Yes, but how does II affect tn,
banks3"
at s beneficial TO the banks anC
bankers, because II increases thei
receipte, OF will do 90 Just a. soon a
II goes into ,ffec,. The Law pro
vides that when piece o
commercial paper falls due on supds'
Il must be paid on Monday, provides
Il was made after Msy 25th. II Mon
!, day happens 10 be q legal holiday,
will not become due until Tuesday
, Ia other words, a note or sccep,anc
. falling due on q Sunday ma, In eel
tain tasee, have five, instesd OF thIe
, days Of grace. Now q banker think
1 time too precious TO spend in tie q
animation Of Almanacs 10 see whsthr
. three. four or five days are I
|, b. aided 10 q note. Const quently h
I. compromises on Ave days In oIdl
, that he may not lose Interest," or de
a by inadveriance. IL 10 plain Their,
: fore that the banker comes out aheat
. for hereafter all paper offered Tor di
= count IL figured at five days grace, At
a although Il may be due la three day
q from lis face maturity the borrow,
= will ceitsinly have 10 pay the discoui
!, for the full period. This Law doss Oh
u borrower no good, but IL increases m
earnings OF the "bl a,ed" capitals
n every tine.
A coMPrRoLLKR TRENHOLM SILENT ABot
q THE FIDKLITY.
10 Comptroller Trenholm declines
u make public the amount OF bon
x which the receiver OF Fidelity ban
n hss given. at Is not customary, NJ
y In any way required" ca d he. 9Th
h receiver IL the agent OF the Comptro
y Ter and OF the lerasury Department
e, aud the Comptroller under bis bon
le 10 responsible for his actions, as II
70 Tr asury IL also. Neither the publ
q nor the depos tors can have the sigh
~ est intere.t In The matter, because q
q. Treasury Ia responsible for every n
er Of its agent, aud whatever might
" the result no loss could accrue TO u
Or crsdi ofs OF the bank.
m "Ths law directs the Comptroller
o take from the receiver such bonds
4. he may deem requisite for the prols
Vi ton Of the interests commit cd 10 n
y. care, and this has been done. He M
Or also remove him at any time he d
v. sires. There has never been A ca
d, In which there has been any loss
n, the falthlessnets OF q receiver, and c,
al tsinly there can be no loss 10 the ere
he iiors OF the bank, because Of the q
n the money, ss last a. received by hil
VI 10 turned over 10 the Treasury and d
NJ dividends arranged and paid by q
ar Treasury Department.
u. Mr. TRENHOLM said the ,ilure OF u
se Fidelity serves TO illustrate hos u
no gent 10 the necessity for the appoir
10 inert Of q corps oil supervising bal
I'd tIaminers, ~ recommended la I
n. lsst snnual report. Records Of his
I'd fee show that ~ far back 40 April ID
10, he had considerable aaxiety 70 acc,
~ | Nalu NNt NIhf NbhhANAhu VI llt VA
r. The Fidelity was regularly exAmin
he In March and the business Was !
at ported h. be In good condition.
OF A REORGANIZATION later would ha
been an unusal proceeding and wou
T. probably have brought discredit
the bark, and would have inflict,
W upon the stoekholders' needles,
ii. Iary in case the bank vas all rigl
ey The Comptroller IL Satisfied that II
Az had been able TO send to Cincinnati
II the time such an officer o. no had an
a ses,ed In his recommendation 10 %
"a. gress last winter, he would not on
70 have been able h save the Fideli
ur Bank, but alec would have de'ec.i
a and 'Hposed the misappropriation
he il funds before II had cone 40 far
ng to render recovery difi alt.
n" TINS BACON ISvmTiaAriuoS PRouus
cd TO BK sKssA1IoSAL.
al The investigation which secreia
y, Lamar has ordered Of the accounts
10 late Discussing CLERK, Bacon, of q
s lotenof Department, prom SEE son
~, sensa iinal developments. Mr. BAG,
ne | k.ll Al. ....lslx.. a.. 49,